.......The person, at the centre of the news, D. K. Mittal, the financial services secretary, is, however, unfazed by the criticism. According to him, the intention is to jolt state-owned banks out of their “lazy banking habits and force them to lend more to small-scale and agriculture”. Those are words reminiscent of a bygone era. Rarely does one hear such statements, at least in public in the reform era.........
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Right of GOI to tell what are the government’s expectations from public sector banks is not in question. The issue of micromanagement has come to the fore in the context of several interferences in the functioning of almost all public sector organisations through various arms of government on a day-to-day basis. Instances of ‘obliging’ people even temporarily being deputed on boards/top management positions to ensure ‘smooth’ carrying out of instructions are also coming out. This is not an issue that can be resolved easily. An overhaul of systems and procedures affecting top appointments, tenure of appointments, service conditions of Chairmen/CEOs, selection and appointment to boards of management and HR practices is overdue. In the present scenario, unless the initiative comes from the Prime Minister, we can only keep the debate live.
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